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UPS in talks to buy Coyote Logistics for at least $1.8 billion: source

Package delivery United Parcel Service Inc (UPS.N) is in talks to buy Chicago-based Coyote Logistics LLC for at least $1.8 billion, a source familiar with negotiations said on Wednesday.

According to the source, Coyote is backed by Warburg Pincus, the New York-based private equity firm, which may instead opt for an initial public offering as a way to sell its stake in the transportation logistics services provider.

The source was unauthorized to talk publicly about the deal, which was first reported by Bloomberg on Wednesday.

Representatives of Atlanta-based UPS and Warburg Pincus declined to comment, while Coyote Logistics could not immediately be reached for comment.